It began with a tempestuous boardroom argument in late October last year, a simple clash of personality, temperament and style.

However, the fallout from that now infamous David Jones meeting continues to reverberate through the corporate world, with share trading scandals and lax boardroom oversight forcing a mass resignation of directors, leaving the company vulnerable, directionless and ripe for takeover from arch-rival Myer.

In an ironic twist, Bernie Brookes, the man under the pump for Myer's failure to ever trade anywhere near its listing price - and until yesterday headed for retirement - has seen a sudden turnaround in his personal fortunes.

Tensions within the DJs boardroom had been brewing for months but, by the time the board met in late October, the relationship between chief executive Paul Zahra and the two directors now at the centre of a share trading scandal was irreconcilable.

Following what he perceived as yet another round of harsh questioning and further criticism of his performance, Zahra gathered his papers and stormed out of the room.

Following what he perceived as yet another round of harsh questioning and further criticism of his performance, Zahra gathered his papers and stormed out of the room.

Apparently, it hadn't been the first time. Thrust into the chief executive role amid the sexual harassment scandal that led to the sudden demise of his predecessor, Mark McInnes, Zahra tended to take criticism to heart.

Details of what happened next are hazy but, according to one source, Zahra's dramatic exit prompted one unnamed director to utter a comment - duly passed on to the absent Zahra - to which the chief executive took personal offense.

Furious, he immediately offered his resignation.

However, in the time honoured tradition of the corporate world, he delivered a more palatable excuse to reporters that Monday evening of October 21. He was "simply tired", he said, and would step aside as soon as a replacement could be found.

"I think 3½ years in the department store is a long time and, if you think about our restructuring post the global financial crisis, us not being ready for the digital world, it has taken its toll and I'm just simply tired,'' Mr Zahra said.

It was an excuse that didn't gel within the business community, not least because the DJs boss had seemed upbeat just days earlier in briefings with analysts about the retailer's online strategy, which finally seemed to be gaining momentum.

Director share trade controversy

Zahra's commitment to remain in the job while a search was undertaken took some of the heat out proceedings and the David Jones board, in an attempt to appease him, decided on an early release of the first quarter sales figures on November 1.

It was a decision that led to disaster. For it inadvertently put directors Steve Vamos and Leigh Clapham in the firing line and directly led to the crisis that last week saw the resignation of both men along with the chairman Peter Mason.

Vamos and Clapham already had received board permission to buy stock in the retailer in the designated period before price sensitive announcements are made. For whatever reason, rather than delay the purchases, both men proceeded to buy the stock.

On November 6, it was announced they had bought the stock just two days before a sales announcement that pleasantly surprised the market and sent the share price soaring 6 per cent.

The revelation was greeted with dismay by investors and, later, anger when Mason admitted he had approved the purchases.

Investigations by the Australian Securities and Investments Commission, however, went nowhere, with the regulator exonerating the two directors in late January.

Unlike the events of a year earlier, when the retailer had revealed a bogus takeover offer from a UK based scam artist, DJs this time rejected a legitimate offer out of hand and decided to keep investors in the dark.

That was not to be the end of it. A few days later, an unnamed source began leaking to the media that Myer had approached DJs with an unsolicited merger offer the very day before the share purchase.

Unlike the events of a year earlier, when the retailer had revealed a bogus takeover offer from a UK based scam artist, DJs this time rejected a legitimate offer out of hand, decided to keep investors in the dark, and allowed two directors to proceed with share purchases.

Shareholder anger rose to fever pitch with open calls for a boardroom sweep, including the chairman. Mason and the two directors capitulated.

Paul Zahra, meanwhile, began to backtrack on his planned exit, resorting to a pedantic explanation of events. He hadn't resigned, he said, he'd only announced his intention to resign.

"I do recognise that there's been a lot of speculation about whether I'm continuing on as a CEO, and I would like to say that I've not resigned and I'm committed to working with the board to ensure the best outcome for shareholders and the company," he said.

Myer's merger grenade

Having seen off the board, Zahra just a week ago appeared to be in control of his destiny. But events this week may overtake those ambitions.

Given the surge in DJs shares in the past month - largely on takeover speculation - the share swap offer in its current form has little chance of success.

However McClintock cleverly knocked out two key DJs defences: he has locked in outgoing Myer boss Bernie Brookes to lead the combined Myer DJs empire on a vastly improved salary; and offered to quarantine the hugely valuable DJs property portfolio for David Jones investors.

What a difference a month makes. Two rival chief executives, previously headed for pasture, have turned the tables on the boards that are supposed to hold them accountable.

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